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We are wanting to put an offer on a house. The seller wants…

We are wanting to...

We are wanting to put an offer on a house. The seller wants to go without a realtor. We have no idea on how to go about it and start putting our numbers together to put down an offer. Any suggestions on where we begin? Also, if we would have our realtor that is selling our house help us what will we have to pay her for helping us on our side as a buyer?

Lawyer's Assistant: It can cost anywhere from $10 to $100, depending on the type of issue and how much of the Real Estate Lawyer's time your question is expected to take (how complex and lengthy an answer you require).

Well, I just want a little guidance. I am no going to spend a lot for an answer, if that's the case I'm sorry I bothered you.

Lawyer's Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?

No, we have to get an offer together by April 3rd as someone wants to purchase our home and we are going through a realtor for that.

Lawyer's Assistant: Where is the house located?

In Lake Crystal, Minnesota on the Lake.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

What's a fair price when the appraisal came way above the assessors appraised amount.

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Answered in 3 minutes by:
3/28/2018
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,061
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Have you checked to see what the taxable value of the property is?

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How old is the appraisal?

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Are you saying the seller's asking price is below appraisal?

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Is this a divorce, estate, or a forced sale?

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thanks

Barrister

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Customer reply replied 23 days ago
TAXABLE VALUE OF THE PROPERTY IS: $314,400
The appraisal is for the tax year 2018
No, the asking price on their appraisal that a realtor did is $399,000 without a realtor and $425,000 with a realtor. The house is 3200 square feet on the Lake. The lot itself is $100,000 appraised.
No divorce, estate or forced sale.
Customer reply replied 23 days ago
I'd rather write it all as I'm at work and really don't want to talk on the phone where everyone in the office can hear the reply if that works for you?

I don't do the phone call thing... those offers come from JA not me.. I limit my interaction with customers only to the website because I like to have time to think about a customer’s question and research it so I can provide the best answer possible in writing.

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The reason for the price difference is the 6% commission they will have to pay a realtor for selling it..

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So if you went without a realtor, you can save on the purchase price since the seller isn't paying a realtor.

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Customer reply replied 23 days ago
what would you suggest we offer on this house? Our house is across the street and is built so much better with a few more square feet and the max we can get for ours is $275,000 and it is appraised at $257,000, but we aren't right on the Lake. I understand why the amount is more with a realtor involved but is $380,000 a fair offer on our part? Also what is the process that we have to go through to make the offer, etc. that a realtor usually does. If we hire the realtor that is selling our house I'm sure there will be a significant charge from her when we are already giving her enough for selling our home.

A normal seller is going to expect to reduce the price from 5-10%, depending on how hot the market is. The hotter the market, the less of a reduction.. But without knowing the market, running the comps, inspecting the house... there is no way I can opine on what you should offer..

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If you hire a buyer's agent, you can expect to pay them 2-3% for just walking you through the process... But you can always negotiate with them.... if they don't get hired, they make nothing..

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With that said, you can purchase a real estate purchase contract and just put in any offer is contingent on the property appraising, contingent on you being able to obtain financing, and contingent on you having an acceptable home inspection.

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That way you have 3 "escape clauses" that get you out of the contract if things come up.

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thanks

Barrister

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Customer reply replied 23 days ago
Where would I get a real estate purchase contract? From an attorney?

From a site like USLegalforms.com or any office supply store..

Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,061
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified
Barrister and 87 other Real Estate Law Specialists are ready to help you
Ask your own question now
Customer reply replied 23 days ago
Thank you so much!

Thank you very much for the positive rating and generous bonus, it is greatly appreciated!

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Barrister
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 41,061
41,061 Satisfied Customers
Experience: 17 years real estate, Realtor. Landlord 26 years

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